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  • Two Wheeler Loan Interest Rates

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    Overview:

    With mounting costs of public transport and increasing traffic, owning a vehicle of your own has become more of a necessity than extravagance. When compared to cars, a two-wheeler is easier to maintain and consumes less fuel. If you are worried about the unexpected expenses that you will incur if you purchase a motorbike, applying for a two-wheeler loan is the best thing to do. With lot of leading banks in India offering two wheeler loans, you can not only get the vehicle of your dreams in no time but also pay back the loan without any financial stress through easy instalments.

    Before applying for a two-wheeler loan, you must always discuss about the prevailing interest rates with your banker and check your affordability. Since the interest rates can make or break your loan deal, always pay attention to the finer details about the rate of interest.

    Perfect Personal Loan Deals for you

    Also Read: Two Wheeler Insurance.

    Features and Benefits of Two Wheeler Loans:

    • With most of the banks offering loans up to 90% of the on-road price of the vehicle, you can purchase any brand new two-wheeler without any second thoughts.

    • Burning up all your savings to purchase a two-wheeler is a risky option. Instead, avail a two-wheeler loan to relieve you of the financial burden. As an added advantage, you can also plan your budget effectively and pay back the loan in affordable EMIs.

    • Two-wheeler loans usually cover the cost of insurance, accessories and registration.

    • To get more out of your two-wheeler loan, check for loan partnership options with your automobile dealer.

    • Two-wheeler loan requires minimal documentation and is offered for all sections of people and all class of customers.

    • The income criteria is also lenient and most of the banks offer motorbike loans for people with an annual income of Rs.50,000.

    • There is either no prepayment penalty or a nominal foreclosure charge for paying off the two-wheeler loan ahead of the tenure.

    • Most of the banks also offer flexible repayment options which will enable the customer to choose a comfortable tenure.

    Apply for Personal Loan

    Two Wheeler Loan Interest Rates:

    The interest rates for two-wheelers loans in India vary between 13% to 27% depending on the bank, type of vehicle, applicant's employment type and source of Income.

    The interest rates are usually floating and is linked to the base rates. Because a two-wheeler is a depreciating asset, the interest rates are generally higher when compared to other loan products. Interest rates for two-wheeler loans may also depend on other factors like the tenure, margin and type of vehicle.

    Current Two Wheeler Loan Interest Rates:

    Given below are the current interest rates for two wheeler loans offered by Indian banks and financiers:

    Name of bank Two wheeler Interest rate
    SBI MCLR + 3.00% = 12.10%
    HDFC Super Bike Two wheeler Loan APR: 9.96% to 15.74% IRR: 9.95% to 15.50%
    Two wheeler Loan 11.37% to 33.15% 11.01% to 24.07%
    Saurashtra Bank Repayment Period upto 3 Years 15%
    Repayment Period above 3 Years, upto 5 years 16%
    Bank of Baroda One year MCLR + Strategic Premium + 4.00%
    Punjab National Bank (14.50 %) In which monthly income is being paid via concerned branch and/ or under check off facility < 3 years MCLR+3.10%
    equal to 3 years MCLR+3.60%
    For every other loan including Business concerns < 3years MCLR+4.10%
    equal to 3 years MCLR+4.60%
    Power Ride Upto 36 months MCLR+1.60%
    Andhra Bank For loan term up to 36 months MCLR + 1.80%
    For loan terms more than 36 months MCLR + 1.80% + 0.25%
    Bajaj Fin Serv Customers are segregated into three bands, namely,
    High >30%
    Medium 27% to 30%
    Low <27%
    L & T Finance Upto 23%; actual rate varies on fluctuations in market and credit worthiness of the borrower
    UCO Bank For General category - MCLR of 1 Year + 4.40%
    Accounts with full liquid collateral security, 1.00% interest Rebate
    Accounts with 50% liquid collateral security, 0.50% interest Rebate
    Syndicate Bank MCLR+2%
    Vijaya Bank MCLR 1 Year + 2.20% =11.65% p.a. (floating)
    Allahabad Bank MCLR+3.00%
    Oriental Bank of Commerce Upto 36 months BR + 0.50% = 10.20%
    Upto 84 months BR + 0.75% = 10.45%
    Shriram City Union Finance At the lender's discretion on the basis of schemes opted by the borrower
    Bank of India For a new vehicle, for all tenures within the repayment period of the scheme BSS (0.10%) above 1 Year MCLR (Presently 9.50 %)
    Punjab & Sind Bank New Vehicles Two Wheeler One Year MCLR (9.60%)+ 2.00% = 11.60% One year MCLR+3.10% (PER: 13.40% p.a.)
    Lakshmi Vilas Bank
    Nainital Bank Base rate + 0.25% (Floating)
    City Union Bank Base rate Base rate + 7% = 17.50%
    BPLR PLR + 1% = 17.25%
    State Bank of Mysore Upto 5 years MCLR + 6.55% = 16.05%
    State Bank of Travancore Rs.50000 and below 13.85%
    Above Rs.50000 12.85%
    State Bank of Patiala Floating Rate of Interest 15.75% p.a. i.e. 6.25% above MCLR
    Fixed Rate of Interest 16.00% p.a. i.e. 6.50% above MCLR
    Corporation Bank 13.10%
    Central Bank of India Floating MCLR + 0.40%
    Fixed Rate ( Repayment within 36 months) MCLR + 0.40%

    Eligibility and Documentation for Two Wheeler Loans:

    In India, most of the banks offer two-wheeler loans for people in the age group of 18 to 65. The applicant can be a student, a salaried profession or a self-employed customer. Select banks also offer specialized two-wheeler loan products for agriculturists. The income criteria for two-wheeler loans depend on the type of loan and is at the discretion of bank.

    Documents - The applicants have to submit an ID proof and a proof of address. Income documents like bank account statements, salary slips, income tax return statements and certificate of employment is also required. Agriculturists and self-employed people have to submit relevant supporting documents to avail a loan for two-wheeler.

    How to Compare Two Wheeler Interest Rates?

    • Before deciding on a two-wheeler loan product, carefully analyze about all the features that it has to offer.

    • Check if the interest rates for two-wheeler loan with regards to a particular bank is floating or fixed. Also, use a two-wheeler loan EMI calculator to decide your loan affordability.

    • In a two-wheeler loan EMI calculator, all you have to enter is the loan amount, tenure and the interest rates. The calculator will project the monthly EMI along with the repayment schedule which will help you decide if the loan on that interest rate is affordable.

    • Compare different two-wheeler loan products and check if features like nil-foreclosure charges, insurance and high quantum is offered. Also, make sure you compare the interest rates for two-wheeler loans using a third-party comparison website.

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    News about Two Wheeler Loan

    • Maratha community will receive interest-free loans

      The government of Maharashtra has created formal tailor-made loan deals for the Maratha community by introducing personal loans as well as group loans. For these loans, the state government will be responsible for the interest payment. The Annasaheb Patil Finance Development Corporation (APFDC) will be disbursing interest-free loans out of which around Rs.1,200 crore will be provided to the APFDC.

      The director of APFDC, Sucheta Bhikane, said that these interest-free loans will be offered under three segments. Under the first category, personal loan amounts between Rs.1 lakh and Rs.10 lakh will be disbursed at an interest rate of 12%. The second category will include personal loan amounts ranging from Rs.10 lakh and Rs.50 lakh at an interest rate of 12%. The third category consists of loans that will be offered by the APFDC directly to farmer producer organisations.

      20th November 2017

    • Avantura releases 2 bikes with prices of up to Rs.23.90 lakh

      Avantura Choppers, leading custom motorcycle manufacturer, recently introduced its first 2 bike models namely Pravega and Rudra. The prices of these 2 models are Rs.21.40 lakh and Rs.23.90 lakh respectively. These 2 models are chopper-style models and they come with a 2000cc engine.

      The pre-bookings for these models will begin from the India Bike Week 2017, which will be held on 24th and 25th of November in the state of Goa.

      These 2 fancy models have been created for enabling users to enjoy an authentic chopper experience. Indian riders will be able to use any of these 2 models in the appropriate riding conditions prevailing in the country.

      16th November 2017

    • Benelli to release Imperiale 400 in India

      Benelli, leading Italian motorcycle manufacturer, recently released its brand new cruiser motorcycle, which is retro-styled, at the 2017 EICMA Motorcycle Show in Milan, Italy. The bike is called Imperiale 400.

      The bike manufacturer intends to launch its new vehicle model in India. It will be launched in the nation under the 300cc to 400cc section. It is scheduled to be released in the nation during the third quarter of 2018. This bike model will most likely be a competitor to the 350cc Royal Enfield.

      The bike has a headlamp with a classic round shape, spoke wheels, rear fenders, and a chrome-finished engine.

      14th November 2017

    • Concept of Hero MotoCorp XPulse Adventure Bike Launched at EICMA 2017

      At the EICMA Motorcycle Show that is currently going on, Hero MotorCorp released its concept of the brand new Hero XPulse adventure motorcycle. The leading bike manufacturer stated that this new concept of the bike will promote the impulse legacy of the company. It also denotes and elucidates the company’s goals to enter other energy engine capacity categories.

      Pawan Munjal, the Chairman, Managing Director and CEO of Hero MotoCorp, mentioned that the company aims to create and enhance many new concepts for newer bikes. The company will also incorporate plans to meet international standards and preferences of customers.

      8th November 2017

    • Royal Enfield releases Parallel Twin engine with 650cc

      Royal Enfield has released an amazing engine which is scheduled to reach their flagships by April 2018. The leading bike manufacturer has launched a brand new powerful engine with 650cc. It is a twin parallel engine that will help the company’s future bikes function efficiently. The company will release 2 new bikes at the Milan Motorcycle Show in a few days.

      Royal Enfield intends to release 2 types of bikes with variant styles. One of the styles is similar to a café-racer design and the other style will be a street-style handle bar which is slightly raised.

      7th November 2017

    • Avantura is launching chopper bikes first time in India

      Avantura has decided to introduce chopper bikes in India for the first time. It is the first initiative of an Indian company to launch such modified motorcycles in India, a trend which first started in California during 1950s.

      Co-founded by two motorcycle enthusiasts, Vijay Singh and Gaurav A Aggarwal, Avantura Choppers, has already entered into contracts with Mustang, Kellermann and S&S, the global original equipment manufacturers. These fancy bikes powered with 2,000-CC engines are expected to come at a starting price of more than 20 lakhs. With this price tag, Avantura Choppers will become one of the costliest motorcycles after Harley-Davidson, Triumph and Indian.

      Though the market of high-power bikes in India is at a very early stage, the sale of 1600-CC bikes has significantly increased in the recent times with reportedly 60% hike every year. According to the industry experts, by 2022 around 20,000 high-performance motorbikes will hit the Indian roads out of which Avantura is hoping to grab at least 5% to 8% of the sales share.

      2nd November 2017

    • Bookings opened for Honda Grazia from 25 October

      The bookings for Honda’s new automatic scooter, Grazia, has been opened from Wednesday, 25 October. Though the scooter isn’t launched in the market yet, Honda two-wheeler dealerships have started taking the registrations. Honda Grazia can be booked at any HMSI dealership across the country by paying a token amount of Rs.2000.

      Currently, Honda Motorcycle & Scooter India is selling six popular scooters in India and Grazia is the next big addition to its exclusive product line. This advanced urban scooter is meant for the city riders unlikely its latest launch Cliq which is specifically designed for the rural riders. Since Grazia is specially designed for the vibrant and confident urban youth, it is expected to have innovative features and sharp designs.

      As per the images, Grazia is likely to feature a dual-tone colour scheme with complimentary sharp lines running along the body. Black-alloyed wheels with tubeless tyres, Combi Brake System (CBS), twin-telescopic front suspension, and USB mobile charging port are some of its expected features. Probably, Grazia will be powered by a 125cc engine with Eco technology for better fuel economy. Coming to price, it is expected to range between Rs.50,000 to Rs.65,000.

      31st October 2017

    • HMSI releases its first teaser of Honda Grazia

      Honda Motorcycle and Scooter India (HMSI) has shared its first official teaser of all the new Honda Grazia scooter. The release is scheduled in the nearing date but the leaked images of the new range has gone viral all over the internet. The bookings have opened from today for the new scooter all over the country.

      The new Honda Grazia is a 125cc single cylinder scooter with 8.52 bhp at 5600 rpm and 10.54 Nm torque. From the initial images of the scooter, it has a featured disc brake with Combi-Braking System, dual headlamps, alloy wheels with sharp edgy looks. We hope that the official list of features on the model is released soon.

      27th October 2017

    • Honda goes ahead of Bajaj to become no.2 in local bike sales

      Honda Motorcycle and Scooter India (HMSI) has gone ahead of Bajaj Auto to reach the 2nd largest position in bike sales in the nation during the 1st half of the present fiscal year. Between April and September, the company made sales of 10.48 lakh motorcycles in the domestic market with a growth of 19.8%. Last fiscal, HMSI had sold 8.74 lakh units as opposed to Bajaj Auto that sold 11.28 lakh units.

      However, HMSI did not become number 1 or 2 in the scooter section. It lost to TVS Motor Co., the Chennai-based two-wheeler manufacturer.

      25th October 2017

    • Benelli to release new 400cc, 250cc and 750cc two-cylinder bikes at 2017 EICMA

      Benelli is coming up with 10 new models of bikes in the 2017 EICMA Motorcycle Show to be held in Milan. Following its trend of revealing new bikes every year, this Italian bike maker is all set to showcase a new 400cc model along with the 250cc and 750cc versions of TRK adventure tourer. While Benelli is expecting to blow the quarter-litre adventure tourer segment with the 250cc version of TRK, the 750cc version is assumed to take over the high-power bike segment. The company has confirmed that the new 400cc models of bikes will come with twin-cylinder engines.

      Shirish Kulkarni, the India Boss of DSK Benelli, had revealed about the launch of a new 400cc bike especially for the Indian market in the starting of the current year. Holding on to that, the expectations are high that the new 400cc Benelli bike to be showcased in EICMA is the model that will make its way to India soon.

      23rd October 2017

    Two Wheeler Loan by Other Banks
    Two Wheeler Loan

    Customer Reviews

  • Page 1 of 50 1 2 3 4 5
    • review Two Wheeler Loan
      "Got the Bike"
      BAJAJ AUTO FINANCE
      0.5 4.0/5 "Great!"
      It was almost 3 years back when getting a Pulsar 220 was top of my wish list, and this was done by Bajaj Finance. The whole loan got approved immediately and the rate of interest with them was also pretty normal. The EMI paying option was also pretty good with them.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 22, 2017
    • HDFC Bank Two Wheeler Loan
      "Good service"
      HDFC BANK
      0.5 4.0/5 "Great!"
      I had my two wheeler loan with HDFC bank since January 2010 but closed the loan after 3 years. The rate of interest I don't exactly remember but it should have been around 8% to 8.5%. There was no processing fees for this two wheeler loan. Overall it is a good service with HDFC bank.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Nov 21, 2017
    • review Two Wheeler Loan
      "Excellent service"
      BAJAJ FINSERV
      0.5 4.5/5 "Excellent!"
      I have taken the two wheeler insurance service directly from the showroom the documents part was easy I submitted directly to the showroom the payments are online they deducted from my savings account through ecs, the customer service was good the staffs are very nice the interest rate they offered fine from others for my mahindra two wheeler.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 21, 2017
    • HDFC Bank Two Wheeler Loan
      "Better"
      HDFC BANK
      0.5 3.0/5 "Satisfactory"
      I have closed the two wheeler loan with the HDFC bank and the rate of interest was around 11.5%, also the customer service was good. The loan amount got disbursed within seven to ten days of time. I am happy with the HDFC bank to get the two wheeler loan .
      Was this review helpful? 0
      , agra
      Reviewed on Nov 20, 2017
    • Shriram City Two Wheeler Loan
      "Two wheeler loan"
      SHRIRAM CITY UNION FINANCE
      0.5 4.0/5 "Great!"
      I have taken a two wheeler loan from SHRIRAM CITY UNION FINANCE. The approved loan amount was 45000. The rate of interest was nominal. The tenure was for 2 years. The monthly EMI is 2381.The documentation process with the institution was fine. I got the amount the same day.
      Was this review helpful? 0
      , samastipur
      Reviewed on Nov 18, 2017
    • Shriram City Two Wheeler Loan
      "Excellent"
      SHRIRAM CITY UNION FINANCE
      0.5 5.0/5 "Blown Away!"
      My two wheeler loan was taken with SHRIRAM FINANCE 4 years back. The loan amount was 40,000 and the rate of interest was very satisfactory . The EMI period was 1 year and The loan process was excellent here . They have provided door step service for collecting document . They have sanctioned the loan with the committed time. My overall experience was excellent here.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 18, 2017
    • Vijaya Bank Two Wheeler Loan
      "GOOD"
      VIJAYA BANK
      0.5 4.0/5 "Great!"
      I took this loan form VIJAYA Bank in the past during the year 2012 . It was 2 wheeler loan i took and i received a full approval for the amount i asked for . The amount got disbursed in 15 working days . The rate of interest was 6% and the processing fee was 700 rs they charged . The bank provided me a option of pre closure . It was a good experience that I received form the bank side .
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 18, 2017
    • HDFC Bank Two Wheeler Loan
      "GOOD SERVICE"
      HDFC BANK
      0.5 4.0/5 "Great!"
      It was been two years I have taken the two wheeler loan service from HDFC for my Honda activa bike the interest rate they provide me was fine the service was taken directly from the showroom and the payments where through online it was totally a good experience with HDFC for my two wheeler loan service.
      Was this review helpful? 0
      , cuttack
      Reviewed on Nov 17, 2017
    • review Two Wheeler Loan
      "Overall no hassles"
      CENTRAL BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      My second two wheeler loan was taken around two years ago. I have taken a Bajaj vehicle. The customer services are good and they were very fast to get my two wheeler loan through. It was with CBI and the interest rate and processing charges are minimal and being an existing customer it has always a hassle free experience.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 17, 2017
    • review Two Wheeler Loan
      "Fast process"
      CENTRAL BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      My first experience with Central Bank of India was three years back for a two wheeler loan. I have taken a TVS brand vehicle. The customer services are good and the process was very much easy and convenient. The charges are normal and the interest rate is normal.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 17, 2017
    • review Two Wheeler Loan
      "Interest and Charges should be standard"
      BAJAJ FINSERV
      0.5 4.0/5 "Great!"
      Bajaj Finserv interest rate is more for the two wheeler loan, I taken the loan amount of Rs. 80.000 to purchase Pulsar 180, they charged high interest and I paid the almost Rs.96,000, even their charges was very higher side. Their interest and charges should be reduced.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 17, 2017
    • review Two Wheeler Loan
      "Good service"
      BAJAJ FINSERV
      0.5 5.0/5 "Blown Away!"
      My Two wheeler loan experience with Bajaj Finserv was good, they provided a very good service and the process was very smooth. The loan amount was for Rs 65000 with less interest rate. Customer service was fine and their response was prompt. I submitted my documents directly to the showroom. My loan was approved within the given time.
      Was this review helpful? 0
      , rourkela
      Reviewed on Nov 17, 2017
    • HDFC Bank Two Wheeler Loan
      "Good Experience"
      HDFC BANK
      0.5 4.5/5 "Excellent!"
      I am an existing customer of HDFC, I directed approached the bank to avail Bajaj pulsar 220, cost of the bike is around 1.2 lakh, I taken 100% loan without paying down payment. Response is also good and satisfactory, I am very much fine with their service.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 17, 2017
    • HDFC Bank Two Wheeler Loan
      "Average service"
      HDFC BANK
      0.5 3.0/5 "Satisfactory"
      HDFC service was awesome regarding my two wheeler loan and I have taken the service directly from the showroom the documents where submitted directly to the showroom and the payments will be deducted from my savings account through ecs I was paying 2060 monthly it was average experience with HDFC for my two wheeler loan service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 17, 2017
    • Tata capital Two Wheeler Loan
      "Average service"
      TATA CAPITAL LIMITED
      0.5 3.0/5 "Satisfactory"
      I have taken a two wheeler loan from TATA CAPITAL directly from the showroom and the payments where through ecs and the documents where directly submitted to the showroom and I was paying around 3566 monthly as a payment it was a average experience with TATA CAPITAL for my two wheeler loan service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 17, 2017
    • Syndicate Bank Two Wheeler Loan
      "Wonderful service by syndicate Bank, really awesome banking "
      SYNDICATE BANK
      0.5 5.0/5 "Blown Away!"
      I'm glad to inform you that the service given by syndicate Bank of kannur is really awesome, feeling better than other banking institutions ,my loan transaction is smoothly done by the syndicate Bank kannur Branch, service is very helpful
      Was this review helpful? 0
      , kannur
      Reviewed on Nov 17, 2017
    • review Two Wheeler Loan
      "Good service"
      BAJAJ FINSERV
      0.5 5.0/5 "Blown Away!"
      I have taken two wheeler loan from Bajaj Finserv, my loan application was approved and the requested amount was disbursed. The loan amount was for Rs 40000 with the nominal rate of interest. The process was very smooth and easy, my loan amount was approved within 7 days. Customer service was good and they responded on time.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 16, 2017
    • review Two Wheeler Loan
      "Best service"
      BAJAJ FINSERV
      0.5 5.0/5 "Blown Away!"
      I have taken Two wheeler loan from Bajaj finance, it was a very good loan experience. The loan amount was for Rs 30000 with the rate of interest of 12.5% which is nominal when compared to other sources. I submitted my documents directly to the showroom. Customer service was good and their response was quick, my loan amount was approved within a day.
      Was this review helpful? 0
      , nagpur
      Reviewed on Nov 16, 2017
    • Shriram City Two Wheeler Loan
      "Good"
      SHRIRAM CITY UNION FINANCE
      0.5 5.0/5 "Blown Away!"
      My friends are working in Shriram City Union Finance. I have taken my two wheeler loan. I am using the service for 3 years. The rate of interest is nominal. They are sanctioning my loan immediately. The executive will come to my place to collect the documents. The online payment is convenient.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Nov 16, 2017
    • SBI Two Wheeler Loan
      "Excellent in service , hike in interest rate"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I have closed the two wheeler loan with the State bank of India and the interest rate was very subsidiary one because I employed with State bank of India. I used to get the approval within an hour of time from the date, when I have applied.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 16, 2017
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